BARRE, VT - September 25, 2008 - Northern Power Systems, Inc. announced today that its parent company, Wind Power Holdings, Inc, has completed an additional round of financing with net proceeds of approximately $37 million to support the growth and development of Northern Power's wind turbine business. The capital was raised in a placement of Series A Preferred Stock with institutional and other accredited investors, and led by RockPort Capital Partners and Allen & Company LLC, which also served as the placement agent.
"This significant working capital infusion from top-tier, long term investors such as RockPort and Allen & Company will allow us to continue to scale manufacturing of our leading-edge Northwind 100 wind turbines and support new and existing customers around the globe," said Bud Cherry, CEO of Northern Power. "It will also help us expedite the ongoing development of our 2.2 MW Permanent Magnet Direct Drive wind turbine to support the fast-growing commercial-scale wind farm market."
RockPort Capital Partners and Allen & Company join Century America LLC, Baker Investments LLC, and several other investors in the effort to raise the initial capital used to fund the August acquisition of the Northern Power assets. To date, an aggregate of approximately $56 million has been raised to fund the acquisition, growth, and development of Northern Power.
About Northern Power
Northern Power has been a leader in wind power technology for over 30 years, and continues to set the standard for advanced technology and high reliability in wind power. The company's Northwind 100 turbine is sized specifically for distributed wind applications: villages, schools/universities, commercial farms, municipalities, and business campuses. The Northwind 100 utilizes direct drive technology and a permanent magnet generator to provide best-in-class energy capture, high reliability and low cost of maintenance. It is currently available with 6 month lead times. Northern is also developing a 2.2 MW turbine using the same advanced Permanent Magnet Direct Drive technology that will deliver increased energy capture and reliability, lower O&M and improved grid power quality. Northern Power is a privately owned company with design, manufacture, marketing, and sales functions located in Barre, Vermont.
About RockPort Capital Partners
Rockport Capital Partners is a leading venture capital firm partnering with clean tech entrepreneurs around the world to build innovative companies and bring cutting-edge technologies and products to the 21st century. With the closing of RockPort Capital Partners III, L.P. in June 2008, RockPort has now raised nearly $850 million, making it one of the largest venture capital firms focused on clean technology. RockPort's investment approach is distinguished by collaboration with management teams to foster growth and create value. Combining domain expertise with policy and international experience, RockPort has a proven track record of leveraging its insights and networks to foster growth and create value. Since its founding in 2000, RockPort Capital Partners, with offices in Boston, Massachusetts and Menlo Park, California, has invested in nearly 40 clean tech companies.
About Allen & Company
Allen & Company LLC is a New York-based investment bank and asset management firm which advises clients and deploys its own capital in a variety of markets including media, technology, energy and life sciences.